Inogen Stock Dips Despite Q4 Earnings Beat, Revenues Up Y/Y

Inogen, Inc. INGN incurred an adjusted loss per share of 15 cents for fourth-quarter 2025, which was narrower than the adjusted loss per share of 24 cents in the year-ago period and the Zacks Consensus Estimate of a loss of 36 cents per share.

GAAP loss per share for the quarter was 26 cents, narrower than the year-earlier loss of 41cents.

INGN’s Revenues in Detail

Inogen registered revenues of $81.7 million for the fourth quarter, up 2% year over year. However, the figure missed the Zacks Consensus Estimate by 0.3%.

At the constant exchange rate (CER), total revenues for the reported quarter increased 1.2% year over year.

Per management, the year-over-year uptick in the top line was primarily driven by strong international performance partially offset by lower U.S. sales and rental revenue.

Shares of this company lost nearly 5% in yesterday’s after-market trading.

Inogen’s Segmental Details

In the fourth quarter of 2025, Inogen revised its product revenue classification to offer investors clearer insight into underlying business trends and strategic priorities. Going forward, product revenues will be reported under three categories: U.S. sales, international sales, and U.S. rentals.

U.S. rental revenues for the reported quarter grossed $13.1 million, down 4.5% from the year-ago period. Per management, rental revenue declined primarily due to a less favorable reimbursement mix, with a higher proportion of lower private payer rates, along with a reduction in the number of patients on service during the quarter. Management also noted that the ongoing shift toward POCs being provided upfront through the B2B channel has created headwinds for the rental business, contributing to the year-over-year decrease.

Total sales revenues were $68.6 million, up 3.4% from the prior-year quarter. U.S. sales amounted to $36.1 million, down 5.1% year over year while International sales improved 14.8% year over year to $32.5 million.

Inogen’s Margins

In the quarter under review, Inogen’s adjusted gross profit declined 3.3% from the year-ago period to $38 million. The adjusted gross margin contracted 260 basis points to 46.5%.

Sales and marketing expenses decreased 4.4% from the year-ago quarter to $23.1 million. Research and development expenses decreased 9.9% year over year to $5.3 million, while general and administrative expenses decreased 8.5% year over year to $16.1 million. Adjusted operating expenses of $41.4 million declined 5.2% year over year.

Adjusted operating loss totaled $6.2 million compared with the prior-year quarter’s $7.4 million.

Inogen, Inc Price, Consensus and EPS Surprise

Inogen, Inc price-consensus-eps-surprise-chart | Inogen, Inc Quote

INGN’s Financial Position

Inogen exited the fourth quarter of 2025 with cash and cash equivalents of $103.7 million compared with $106.5 million at the end of the third quarter of 2025.

The company ended the quarter with no debt on its balance sheet.

Cumulative net cash used in operating activities at the end of fourth-quarter 2025 was $11.2 million against the net cash provided by operating activities of $5.9 million a year ago.

Inogen’s Guidance

Inogen has provided its revenue outlook for the first quarter and 2026.

For the first quarter of 2026, Inogen expects reported revenue to be in line with first-quarter 2025. The Zacks Consensus Estimate is currently pegged at $90.8 million.

For 2026, Inogen expects reported revenues in the range of $366 million-$373 million (reflecting approximately 6% growth at the midpoint of the range from the comparable 2025 revenues). The Zacks Consensus Estimate is currently pegged at $391.5 million.

Our Take

Inogen exited the fourth quarter of 2025 with a narrower-than-expected loss per share and better-than-expected revenues. Solid year-over-year top-line and bottom-line performances were encouraging. The robust year-over-year uptick in International sales was impressive. The lowering of the adjusted operating expenses also bodes well.

During the quarter, Inogen expanded its product portfolio in the United States with the launch of Voxi 5, a stationary oxygen concentrator, and Aurora continuous positive airway pressuremasks designed to treat obstructive sleep apnea, marking its formal entry into the sleep therapy market. The company also initiated a limited market release of the Simeox airway clearance device in the United States to build clinical evidence, support reimbursement efforts and advance broader commercialization.

Additionally, Inogen launched a new patient portal to strengthen its digital health capabilities, enabling patients to manage insurance information, order accessories and access support tools through a self-service platform. The company also announced a strategic collaboration with Yuwell Medical to expand its product portfolio, enhance joint research and development initiatives and accelerate its entry into the China market.

Yet, a decline inrentalrevenues was concerning. Inogen continued to incur operating losses in the fourth quarter, which did not bode well.

INGN’s Zacks Rank and Other Key Picks

Inogen currently has a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader medical space that have announced quarterly results are Cardinal Health, Inc. CAH, GE HealthCare Technologies Inc. GEHC and McKesson Corporation MCK.

Cardinal Health, carrying a Zacks Rank of 2, reported second-quarter fiscal 2026 adjusted earnings per share (EPS) of $2.63, beating the Zacks Consensus Estimate by 9.9%. Revenues of $65.63 billion outpaced the consensus mark by 0.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Cardinal Health has a long-term estimated growth rate of 15%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 9.3%.

GE HealthCare reported fourth-quarter 2025 adjusted EPS of $1.44, beating the Zacks Consensus Estimate by 1%. Revenues of $5.69 billion surpassed the Zacks Consensus Estimate by 1.9%. It currently carries a Zacks Rank #2.

GE HealthCare has a long-term estimated growth rate of 9.1%. GEHC’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.5%.

McKesson reported third-quarter fiscal 2026 adjusted EPS of $9.34, beating the Zacks Consensus Estimate by 0.4%. Revenues of $106.16 billion surpassed the Zacks Consensus Estimate by 0.5%. It currently caries a Zacks Rank #2.

McKesson has a long-term estimated growth rate of 15.9%. MCK’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.6%.

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This article originally published on Zacks Investment Research (zacks.com).

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